Returning Taxpayers’ Investment: Britain considers RBS share give-away
At current share prices, the taxpayers’ stake is worth £31 billion.
LONDON:
Britain’s finance ministry insisted Saturday it would dispose of its majority stake in the Royal Bank of Scotland (RBS) ‘at the appropriate moment’ amid reports ministers were considering a share giveaway.
RBS could be ready to return to the private sector later this year, but at present prices that would represent a huge loss to British taxpayers.
They own 81% of the Edinburgh-based bank after it was bailed out to the tune of $70.5 billion at the height of the global financial crisis in 2008.
At current share prices, the taxpayers’ stake is worth £31 billion.
A senior government source was quoted by The Independent newspaper as saying of giving away shares: “Obviously a give-away to taxpayers before the election, who, after all, paid for it in the first place, is very attractive.”
Published in The Express Tribune, February 17th, 2013.
Like Business on Facebook to stay informed and join in the conversation.
Britain’s finance ministry insisted Saturday it would dispose of its majority stake in the Royal Bank of Scotland (RBS) ‘at the appropriate moment’ amid reports ministers were considering a share giveaway.
RBS could be ready to return to the private sector later this year, but at present prices that would represent a huge loss to British taxpayers.
They own 81% of the Edinburgh-based bank after it was bailed out to the tune of $70.5 billion at the height of the global financial crisis in 2008.
At current share prices, the taxpayers’ stake is worth £31 billion.
A senior government source was quoted by The Independent newspaper as saying of giving away shares: “Obviously a give-away to taxpayers before the election, who, after all, paid for it in the first place, is very attractive.”
Published in The Express Tribune, February 17th, 2013.
Like Business on Facebook to stay informed and join in the conversation.